Lubbock Times

The Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, rose by 2.7 percent over the last year for April. This figure remains unchanged from March's 2.7 percent increase.

House Budget Committee Chairman Jodey Arrington (R-TX) commented on the PCE inflation data: "How bad was the impact of Democrats’ spending spree and Bidenomics on our economy? Prices on essential goods Americans depend on have gone up 20 percent since Biden took office. The Federal Reserve said their interest rate increases would only be transitional and they would quickly find a soft landing. Two years and eleven interest rate hikes later (the highest rate increase in over 20 years), the Federal Reserve can’t seem to get inflation under control and rates don’t look to be coming down anytime soon."

Arrington added, "Today’s report reiterates how persistent and stubborn inflation has become under Biden’s failed economic policies and Democrats’ record $7 trillion in deficit spending."

For additional context, readers can refer to Chairman Arrington's previous statements on GDP growth of 1.3 percent for Q1 of 2024 and CPI inflation rising by 3.4 percent in April.